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The VT MAE held a grand opening of its new aircraft maintenance center at the Pensacola International Airport on Friday, June 8, 2018. The new $46 million aircraft maintenance facility is expected to add 400 jobs to the local area. Tony Giberson/tgiberson@pnj.com

Jason Jay, second from right, program manager of Pensacola’s VT MAE facility gives a group of dignitaries a tour of the companies new aircraft maintenance center at the Pensacola International Airport on Friday, June 8, 2018. The new $46 million aircraft maintenance facility is expected to add 400 jobs to the local area. Tony Giberson/tgiberson@pnj.com

Gov. Rick Scott visits Pensacola International Airport to help in the grand opening of the new VT MAE facility at the airport Friday, June 8, 2018. The opening of the $46 million aircraft maintenance facility is expected to add 400 jobs to the local area. Tony Giberson/tgiberson@pnj.com

VT MAE held a grand opening and offered tours of its new aircraft maintenance center at the Pensacola International Airport on Friday, June 8, 2018. The new $46 million aircraft maintenance facility is expected to add 400 jobs to the local area. Tony Giberson/tgiberson@pnj.com

VT MAE held a grand opening of its new aircraft maintenance center at the Pensacola International Airport on Friday, June 8, 2018. The new $46 million aircraft maintenance facility is expected to add 400 jobs to the local area. Tony Giberson/tgiberson@pnj.com

Executives from ST Engineering Aerospace in Singapore look on during the grand opening of the company’s new VT MAE facility at the Pensacola Internation Airport on Friday, June 8, 2018. Tony Giberson/tgiberson@pnj.com

The VT MAE held a grand opening of its new aircraft maintenance center at the Pensacola International Airport on Friday, June 8, 2018. The new $46 million aircraft maintenance facility is expected to add 400 jobs to the local area. Tony Giberson/tgiberson@pnj.com

Gov. Rick Scott and Mayor Ashton Hayward speak with members of the media following the grand opening of the new VT MAE facility at the Pensacola International Airport on Friday, June 8, 2018. The opening of the $46 million aircraft maintenance facility is expected to add 400 jobs to the local area. Tony Giberson/tgiberson@pnj.com

VT MAE held a grand opening of its new aircraft maintenance center at the Pensacola International Airport on Friday, June 8, 2018. The new $46 million aircraft maintenance facility is expected to add 400 jobs to the local area. Tony Giberson/tgiberson@pnj.com

Jason Jay, second from right, program manager of Pensacola’s VT MAE facility gives a group of dignitaries a tour of the companies new aircraft maintenance center at the Pensacola International Airport on Friday, June 8, 2018. The new $46 million aircraft maintenance facility is expected to add 400 jobs to the local area. Tony Giberson/tgiberson@pnj.com

Jason Jay, second from right, program manager of Pensacola’s VT MAE facility gives a group of dignitaries a tour of the companies new aircraft maintenance center at the Pensacola International Airport on Friday, June 8, 2018. The new $46 million aircraft maintenance facility is expected to add 400 jobs to the local area. Tony Giberson/tgiberson@pnj.com

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VT MAE held a grand opening and offered tours of its new aircraft maintenance center at the Pensacola International Airport on Friday, June 8, 2018. The new $46 million aircraft maintenance facility is expected to add 400 jobs to the local area. (Photo11: Tony Giberson/tgiberson@pnj.com)Buy Photo

ST Engineering and the city of Pensacola signed a memorandum of understanding that the company will invest $35 million into the planned $210 million maintenance, repair and overhaul facility at the Pensacola International Airport.

The signing ceremony was held at ST Engineering's corporate headquarters in Singapore.

The agreement formalizes the $35 million commitment under the same terms as the first ST Engineering MRO hangar built at the airport and opened in June.

If the project is built, ST Engineering will create 1,325 new jobs at the new facility in addition to 400 jobs planned for the already operating MRO hangar.

The city of Pensacola had already put to paper the $35 million commitment in its application with Triumph Gulf Coast.

Triumph Gulf Coast was created by the Florida Legislature to distribute the $1.5 billion settlement with BP over the 2010 oil spill. The nonprofit is considering grants out of the first settlement payment of $300 million.

ST Engineering has until the end of the day Tuesday to sign the term sheet.

David Penzone, a consultant for the city on the project, said he expects no issues with ST Engineering signing the term sheet.

Also present at the signing were Escambia County Commission Chairman Jeff Bergosh and FloridaWest CEO Scott Luth.

The agreement was signed between Hayward and ST Engineering's VT Systems CEO retired U.S. Army Gen. John Coburn.

ST Engineering CEO Vincent Chong and Bergosh signed the document as witnesses.

"This is an incredible opportunity for Pensacola and Escambia County, and has been a strong collaboration between the city, the county, the state, the federal government and Triumph Gulf Coast Inc.," Hayward said in social media post announcing the signing. "Working together, we hope to grow ST Engineering in our region and state into one of the world's best Aerospace MRO campus."

With the Triumph grant and ST Engineering's commitment, the project has about $118 million committed from the state, county and city.

The city is seeking about $50 million from the Florida Department of Transportation, $20 million from the Governor's Job Growth Fund and $17 million in federal grants.

That leaves close to $5 million remaining to fully fund the project.

"We're optimistic we'll have the funding in place, and once we have the funding in place, we'll start the process of identifying architects, engineers to make plans, bid the project and start the construction," Penzone said last week.

Construction of the first hangar is expected to begin in the second quarter of 2019, according to the timeline attached to the Triumph term sheets.